Kyocera Announces Consolidated Financial Results for Six Months Ended September 30, 2023
Kyocera Corporation (TOKYO:6971) today announced its consolidated financial results for the first half of fiscal year 2024, covering the six months ended September 30, 2023 (the “first half,” or “FY24-H1”), as summarized below. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html
Consolidated Results of Operations: First Half
|
Unit: Millions (except percentages and per-share amounts) |
||||||
| Six Months Ended September 30, | ||||||
| 2022 (FY23-H1) in JPY |
2023 (FY24-H1) in JPY |
Change | 2023 (FY24-H1) in USD |
2023 (FY24-H1) in EUR |
||
| Amount in JPY |
% | |||||
| Sales revenue: |
1,012,172 |
985,290 |
(26,882) |
(2.7) |
6,569 |
6,236 |
| Operating profit: |
76,488 |
54,002 |
(22,486) |
(29.4) |
360 |
342 |
| Profit before income taxes: |
104,311 |
77,867 |
(26,444) |
(25.4) |
519 |
493 |
| Profit attributable to owners of the parent: |
75,586 |
56,487 |
(19,099) |
(25.3) |
377 |
358 |
| Earnings per share attributable to owners of the parent (basic): |
210.60 |
159.61 |
－ |
－ |
1.06 |
1.01 |
| Note on exchange rates: U.S. dollar (USD) and euro (EUR) conversions are provided above as a convenience to the reader, based on the rates of USD1 = JPY150 and EUR1 = JPY158, rounded to the nearest unit (as of September 29, 2023) |
Summary
Geopolitical volatility and price inflation continued globally during the first half, leading to weaker demand and inventory adjustments in the Company’s key markets for Semiconductor-related components and Information Communications components.
Although Solutions segment sales increased, the company’s consolidated sales revenue decreased 2.7% over the prior first half, to JPY985,290 (USD6,569) million, due mainly to reduced demand in key components markets.
Profits decreased as well, due mainly to a combination of lower sales revenue and inflation raising the cost of raw materials and energy.
Consolidated operating profit decreased 29.4% from the prior first half, to JPY54,002 (USD360) million; profit before income taxes decreased 25.4%, to JPY77,867 (USD519) million; and profit attributable to owners of the parent decreased 25.3%, to JPY56,487 (USD377) million.
Consolidated Results of Operations: Second Quarter
|
Unit: Millions (except percentages) |
||||||
| Three Months Ended September 30, | ||||||
| 2022 (FY23-Q2) in JPY |
2023 (FY24-Q2) in JPY |
Change | 2023 (FY24-Q2) in USD |
2023 (FY24-Q2) in EUR |
||
| Amount in JPY |
% | |||||
| Sales revenue: |
520,218 |
505,870 |
(14,348) |
(2.8) |
3,372 |
3,202 |
| Operating profit: |
35,060 |
28,325 |
(6,735) |
(19.2) |
189 |
179 |
| Profit before income taxes: |
35,600 |
27,390 |
(8,210) |
(23.1) |
183 |
173 |
| Profit attributable to owners of the parent: |
25,612 |
19,095 |
(6,517) |
(25.4) |
127 |
121 |
| (See note above regarding exchange rates) |
Consolidated Forecasts: Year Ending March 31, 2024
While first-half consolidated financial results approached the Company’s original projections, the business environment is expected to be severe during the second half ending March 31, 2024. Markets for Semiconductor-related components and Information Communications components are expected to continue to show weakness, marked by declining industry-wide shipments of smartphones and deferred capital investment in data centers. Based on these new expectations, the company has revised its consolidated full-year financial forecast as indicated in the table below.
|
Unit: Yen in millions (except percentages, per-share amounts and exchange rates) |
||||||||
| Fiscal 2023 Results |
Fiscal 2024 Forecast Announced on May 15 |
Fiscal 2024 Forecast Announced on November 1 |
Change (%) from Fiscal 2023 Results |
|||||
| Sales revenue: |
2,025,332 |
2,100,000 |
2,050,000 |
1.2 |
||||
| Operating profit: |
128,517 |
147,000 |
120,000 |
(6.6) |
||||
| Profit before income taxes: |
176,192 |
200,000 |
170,000 |
(3.5) |
||||
|
Profit attributable to owners of the parent: |
127,988 |
145,000 |
123,000 |
(3.9) |
||||
| Earnings per share attributable to owners of the parent (basic): |
356.60 |
404.00 |
347.56 |
* |
- |
|||
| Average USD exchange rate: |
135 |
125 |
140 |
- |
||||
| Average EUR exchange rate: |
141 |
130 |
152 |
- |
||||
| * Based on the average number of shares outstanding during the six months ended September 30, 2023. Earnings per share forecast recalculated to reflect the previously announced 4-for-1 stock split (effective January 1, 2024) is JPY86.89. |
Forward‐Looking Statements
Please refer to https://global.kyocera.com/ir/disclaimer.html
Kyocera Corporation (TOKYO:6971, https://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as “advanced ceramics”). By combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of industrial and automotive components, semiconductor packages, electronic devices, smart energy systems, printers, copiers, and mobile phones. During the year ended March 31, 2023, the company’s consolidated sales revenue totaled 2 trillion yen (approx. US$15.1 billion). Kyocera is ranked #672 on Forbes magazine’s 2023 “Global 2000” list of the world’s largest publicly traded companies, and has been named among “The World’s 100 Most Sustainably Managed Companies” by The Wall Street Journal.
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